Germany faces the risk of steep U.S. tariffs on cars and a no-deal Brexit, a dou...
BERLIN - Germany faces the risk of steep U.S. tariffs on cars and a no-deal Brexit, a double whammy which could bring a golden decade of growth in Europe’s powerhouse economy to an end.
Nonetheless, faced with the threat of a recession, Finance Minister Olaf Scholz is prepared to bend Germany’s strict debt rules, a senior government official told Reuters on condition of anonymity. The most important export destination for German cars last year was the United States with revenues of 27.2 billion euros, followed by China with 24.7 billion euros and Britain with 22.5 billion euros, the data showed.
FILE PHOTO: Volkswagen export cars are seen in the port of Emden, beside the VW plant, Germany March 9, 2018. REUTERS/Fabian Bimmer/File Photo “In case of a disorderly Brexit, there will be short-term negative effects such as increased uncertainty and adjustment processes, though these are hard to quantify,” an economy ministry spokesman said.
German car exports to the United States could fall by almost 50 percent in the long term if Trump was to impose car tariffs of 25 percent, the Ifo institute has estimated.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
On Brexit films, Brexit books and Brexit televisionOur Bagehot columnist shares some thoughts, from Los Angeles to Alan Partridge
Read more »
German juggernaut may face economic jam as tariffs and Brexit loomGermany faces the risk of steep U.S. tariffs on cars and a no-deal Brexit, a dou...
Read more »
German juggernaut may face economic jam as tariffs and Brexit loomGermany faces the risk of steep U.S. tariffs on cars and a no-deal Brexit, a dou...
Read more »
Bye-bye Brexit - History haunts German woman leaving UK to avoid 'chaos'Actor Sonja Morgenstern, a German national who has lived in London since 1996, p...
Read more »
German Carmakers Could Face Huge Profit Hit If Trump Imposes 25% TariffIf President Trump imposes a 25% tariff on auto imports, European carmakers like BMW, Mercedes, and Volkswagen’s Audi and Porsche would lose about 90% of their high profit margin sales of imported luxury vehicles, according to a report from UBS.
Read more »
German arena cancels R. Kelly concert after sex abuse chargesR. Kelly, one of the best-selling music artists of all times, was arrested Friday on 10 counts of aggravated sexual abuse involving four females.
Read more »
From Shampoo To Breast Implants To Airplanes, This Startup’s Lab-Grown Spider Silk Could Go A Long WayWith more than $30 million in funding, Germany-based AMSilk is racing ahead in a contest to develop a super material that can be used in countless ways.
Read more »
PHOTOS: Trump, Merkel, queen depicted for German Carnival floatsIn a workshop in Mainz, an artist worked studiously on a float featuring a bull with 'USA' emblazoned on the side, with a horned head depicting President Donald Trump's face, a cowbell carrying the Twitter logo, and a rear end expelling flatulence on the globe.
Read more »
Airbus eyes warplane with no German parts after Saudi arms ban: sourcesAirbus has decided to redesign the C295 military transport aircraft it builds in...
Read more »